The outlook for the property sector in Malaysia would likely remain neutral in 2021, given the cautious sentiment following the Covid-19 pandemic.
PropertyGuru Malaysia country manager Sheldon Fernandez said the short-term sentiment takes into account the conditional movement control order and the rise in Covid-19 cases in the country.
“However, we do expect to see an increase in investment activity, given the current conducive environment with the Real Property Gains Tax (RPGT) exemption and so on.
“I think the market’s recovery will probably take place in the second half of 2021, to return to the pre-Covid-19 level,“ he said in a webinar in conjunction with the ‘Asia Virtual Property Expo Exclusive Media Preview’ by PropertyGuru Group today.
Under the Short-Term Economic Recovery Plan (Penjana), the government announced several tax incentives, including the RPGT exemption granted to Malaysian citizens upon disposal of a residential property from June 1, 2020 – Dec 31, 2021.
Media Title: The Sun
Date: 11 Nov 2020